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  • The USD/INR pair gapped lower on Thursday and hit a three-month low of 70.05.
  • The pair is currently trading below 70.19 – 38.2 percent Fibonacci retracement of 63.25/74.49.

Daily Chart

  • As seen above, the 14-day relative strength index (RSI) has fallen back below 30.00, signaling oversold conditions. As a result, bearish momentum may wane in the short-term.

4-hour Chart

  • Over on the 4-hour chart, the pair has closed new cycle low. The RSI, however, is charting a higher low, that is, a bullish divergence would be confirmed if the currency or the next 4-hour candle closes on a positive note.
  • The pair may revisit 10-day EMA hurdle, currently at $70.90. The outlook would remain bearish as long as the 5- and 10-day EMAs are trending south. A daily close above the 10-day EMA, however, would neutralize the bearish setup.

Trend: Corrective bounce likely


       Today Last Price:  70.095
       Today Daily change:  -3.0e+3  pips
       Today Daily change %:  -0.419%
       Today Daily Open:  70.39
       Previous Daily SMA20:  71.9162
       Previous Daily SMA50:  72.7877
       Previous Daily SMA100:  71.3876
       Previous Daily SMA200:  68.9975
       Previous Daily High:  71.045
       Previous Daily Low:  70.38
       Previous Weekly High:  72.102
       Previous Weekly Low:  70.495
       Previous Monthly High:  74.504
       Previous Monthly Low:  72.525
       Previous Daily Fibonacci 38.2%:  70.634
       Previous Daily Fibonacci 61.8%:  70.791
       Previous Daily Pivot Point S1:  70.165
       Previous Daily Pivot Point S2:  69.94
       Previous Daily Pivot Point S3:  69.5
       Previous Daily Pivot Point R1:  70.83
       Previous Daily Pivot Point R2:  71.27
       Previous Daily Pivot Point R3:  71.495